The magic isn’t in the bitcoin, it’s in the wrapper premium, liquidity, volatility, option yield farming, and most importantly, regulatory arbitrage masquerading as simplicity. MSTR becomes the Bitcoin ETF for people who can’t or won’t touch the ETF. Tradfi loves convenience + leverage + the illusion of familiarity. But when the inefficiencies close, and Bitcoin becomes easier to own than Apple stock... what then? Maybe the next wrapper won’t be a company, but a personality cult. NGU meets influencer premium. Or maybe the real arbitrage is: everyone’s still underweight.